SEC. 3. If it shall be determined at such meeting to aid in the construction of said railroad, it shall be the duty of the supervisor and clerk of the townships, by direction of the township board, to loan money, to execute bonds or other securities, to require securities from the railroad company, and to do all other acts necessary to comply with such determination; and all moneys or securities accruing to said township, city or village, under this act, shall be deposited with the treasurer thereof, and held by him until delivered up upon proper authority, or to his successor in office: Provided, That the amount of bonds which shall fall due in any one year shall not exceed two per centum of the assessed valuation of such township, city or village, at the time of issuing the same. SEC. 4. The township board of any township authorized by this act shall have power, and it shall be their duty, to raise by tax, or otherwise, such sum or sums as shall be sufficient, from time to time, to pay the principal and interest of said bonds, or other obligations, as they shall become due: Provided, That not more than twenty-five per centum of the principal shall become due in any one year. SEC. 5. No bonds, or other evidences of debt, shall be delivered to the treasurer of any township, for any railroad company, until all the terms and conditions required by the vote of said townships, or the proper authorities thereof, shall have been fully complied with: Provided, That no bonds, or other evidences of debt, issued under the provisions of this act, shall be sold for less than their par value, nor such bonds, or other evidences of debt, or the moneys arising from the sale of the same, be delivered or paid over to said railroad company until the ties shall be delivered on the line of said railroad, and the road bed thereof, including all the bridges, culverts, cattle guards and road crossings, shall be fully completed and ready for the iron within the limits of the townships rendering such aid. [SEC. 6. This act shall take immediate effect.] AN ACT to authorize the townships in the counties of Kalamazoo, Van Buren, Allegan, Kent and Ottawa, to aid in extending the Schoolcraft and Three Rivers railroad, from Schoolcraft to Allegan and to Grand River. SECTION 1. The People of the State of Michigan enact, That it shall be lawful for the townships in the counties of Kalamazoo, Van Buren, Allegan, Kent and Ottawa, or any of them, to aid by loans or donations in the extension of the Schoolcraft and Three Rivers railroad from Schoolcraft by way of Paw Paw, to Allegan and to some point on Grand river, to an amount not exceeding five per centum of the assessed valuation for the time being, of the personal and real property in such townships respectively, at any special township meeting called for that purpose, as hereinafter directed. SEC. 2. It shall be the duty of the clerk of any such townships, to call a meeting of the taxable propertyholding electors thereof, on the written or printed request of fifteen freeholders of his township, which request shall specify the amount to be raised, the mode of raising it, the rate of interest, which shall not exceed seven per cent. per annum, the time of payment, and such other matters as may be deemed for the interest and security of the townships, and in posting notices according to law, he shall also, with each notice, post the request upon which the meeting is called. The questions submitted to the electors shall be those contained in the call for the meeting, and those who vote in the affirmative shall vote a ballot on which is written or printed, “Aid for railroad-yea;" and those who vote in the negative shall vote a ballot, on which is written or printed, "Aid for railroad-no." The meeting shall be conducted in the same manner as annual meetings are conducted, and the result shall be certified by the board of inspectors, and filed in the office of the clerk. SEC. 3. If it shall be determined at such meeting to aid in the construction of said road, it shall be the duty of the supervisor and clerk, by the direction of the township board, to loan money, to execute bonds or other sureties, to require sureties from the railroad company, and to do all other acts necessary to comply with such determination; and all moneys or sureties accruing to said township under this act, shall be deposited with the treasurer thereof, and held by him until delivered up upon proper authority, or to his successor in office: Provided, That the amount of bonds which shall fall due in any one year, shall not exceed two per centum of the assessed valuation of such township at the time of issuing the same. SEC. 4. The township board of any such township authorized by this act shall have power, and it shall be their duty to raise, by tax or otherwise, such sum or sums of money as shall be sufficient from time to time, to pay the principal and interest of said bonds or other obligations, as often as they become due. Provided, That no bonds or other evidences of debt issued under the provisions of this act, or the moneys arising from the sale of the same, or money raised by loan or tax, shall be paid over to or for said railroad company, until the ties are delivered on the line of said road, and the roadbed thereof, including all bridges, culverts, cattle yards and road crossings, is fully completed, ready for the iron, through the town offering such aid, or the town opposite to or coterminous therewith, Provided, further, That no such bonds or other evidences of debt shall be sold for less than their par value by the representatives of the townships issuing the same. SEC. 5. This act shall take immediate effect. Approved March 21, 1865. Detroit and Howell Enabling Act and Amendments. AN ACT to authorize the several townships in the counties of Livingston, Oakland, Washtenaw and Wayne to pledge their credit, and the county of Livingston to raise by tax or borrow money, to aid in the construction of a railroad from some point near the city of Detroit, to Howell, in the county of Livingston. SECTION 1. The People of the State of Michigan enact, That it shall and may be lawful for each of the several townships in the counties of Livingston, Oakland, Washtenaw and Wayne, to pledge their credit to aid in the construction of a railroad from some point near the city of Detroit to the village of Howell, in the county of Livingston, for such sum or sums, not exceeding five per centum of the assessed valuation, for the time being, of the real and personal property in such township, as the electors of such township shall, at a meeting or meetings called for that purpose, determine. The electors of such townships may also, at such meeting or meetings, determine the terms, conditions, manner of executing the securities, and other particulars in regard to such pledgc of credit, or they may empower some township officer, or committee of electors, to determine the same, and in case of no such determination or delegation of power to an officer or committee, then the several township boards of such townships shall severally have power to determine all such particulars: Provided, That the amount of bonds which shall be due in any one year shall not exceed two per centum of the assessed valuation of such county, city or township at the time of issuing the same. SEC. 2. It shall be the duty of the supervisor of each of said townships to call such meeting or meetings of the electors of such townships as are hereby authorized, whenever requested, in writing, to do so by thirty of the tax-paying electors of such township, and to give public notice thereof at least ten days previous to holding such meetings, by posting the same in five of the most public places in each of said townships, and the advertisement of the same in some newspaper published in the county wherein such township shall be. At such meeting, the township inspectors of election, if present, shall act as inspectors of election; the electors shall vote by ballot, and shall be subject to challenge, as at other township elections, and the proceedings at such meeting to be held under this act shall be governed in all respects by the general laws of this State, relating to township elections, so far as the same may be applicable, and illegal and fraudulent voting shall be punishable in the same manner and to the same extent, as at other township elections. *SEC. 3. The board of supervisors of the county of Livingston shall be and they are hereby authorized and empowered to borrow, or raise by tax upon the taxable property of such county, or in part by loan and part by tax, as they shall see fit, any sum of money, not exceeding five per centum of the assessed valuation, for the time being, of the real and personal property in said county, for the purpose of aiding in the construction of a railroad from some point near the city of Detroit, to the village of Howell, in the said county of Livingston, and to issue bonded securities for such loan, in such manner as they shall see fit: Provided, The qualified electors of said county shall determine, in manner specified in section twenty of chapter ten of the compiled laws, in favor of such tax or loan. SEC. 4. The securities issued or made in pursuance of the provisions of section one of this act shall be and the same are hereby made a valid and legal charge upon the taxable property of the several townships issuing or making the same, and it shall be the duty of the township board of such townships, severally, to provide by tax for the payment of the principal, and the interest thereon, as fast as the same shall become due and payable, by the terms there * Repealed. † Am nded. |